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Data from Crist Kolder Associates' summer 2025 Volatility Report, gleaned from 667 Fortune 500 and S&P 500 companies, suggests that there has been a dramatic swing of late toward internal promotions for chief financial officers, with external hiring down almost 50%. Through July 31st, 28% of CFOs were hired externally down 47% last year. Additionally, the company's analysis indicates an uptick in the pipeline of CFOs moving into chief executive roles at Fortune 500 and S&P 500 companies. In the first half of the year, 7.5% of sitting CEOs came directly from a CFO chair, up from 6.5% in 2015. “The most successful CFOs that we talk to now have an ultimate goal of reaching the CEO chair, where it used to be that the ultimate goal was to become CFO,” said Crist Kolder managing director Kirby Perkins. “It’s no longer viewed as a ceiling.”

 

Fortune

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Nestlé has dismissed chief executive Laurent Freixe, due to an inappropriate relationship with a subordinate. The decision, effective immediately, followed an investigation that revealed the romantic involvement violated the company's code of conduct. Mr Freixe, who had served as CEO for one year, will be succeeded by Philipp Navratil, a long-time Nestlé executive. Chair Paul Bulcke said: "This was a necessary decision. Nestlé's values and governance are strong foundations of our company". Mr Navratil has been with Nestlé since 2001, holding various roles before becoming CEO of Nespresso in 2024.

 

BBC News

Financial Times

Reuters

The Guardian

Takeshi Niinami, one of Japan’s most high-profile executives, has resigned as chair and chief executive of the global drinks group Suntory. The group said he is stepping down after a search of his home as part of an ongoing police investigation related to suspected illegal supplements. He has denied any involvement in illegal activity, adding that his lack of knowledge about the supplements disqualified him from leading the company.

 

Nikkei Asia

Bloomberg

Financial Times

The Japan Times

A new Wall Street Journal-NORC poll has found that the share of respondents who believe they have a good chance of improving their standard of living fell to 25%, a record low in surveys dating to 1987. Additionally, more than three-quarters said they lack confidence that life for the next generation will be better than their own. A key finding was that nearly 70% believe the American dream, that if one works hard, it is possible to get ahead, no longer holds true or never did, the highest level in nearly 15 years of surveys. “It sort of saddens me,” said Neale Mahoney, a Stanford University economics professor who has studied economic sentiment. “I think one of our superpowers as a country is our relentless optimism…It is the fuel for entrepreneurship and other exceptional achievements.” The survey was conducted by NORC at the University of Chicago from July 10th-23rd and included 1,527 adults.

 

Wall Street Journal

As Congress reconvenes after its August recess, it faces a critical deadline to fund the IRS before the September 30th government shutdown. Lawmakers are under pressure to finalize government-wide funding, with House Republicans pushing for significant cuts to the IRS budget. Meanwhile, Democrats are resisting further reductions, citing the agency's recent leadership challenges and layoffs. The situation is tense, with one lawmaker noted "Even a stopgap measure that leaves long-term funding..." is not a viable solution.

 

Bloomberg Tax

Junk bonds have surged this summer as investors pour into high-yield debt, driving issuance to record levels despite elevated defaults. Companies raised $240bn in July alone, with 2025 issuance nearing $1tn. Most deals refinance debt, lowering interest costs, though some fund dividends. Yields around 6.75% remain attractive, sustaining demand. However, defaults have stayed above the 30-year average since mid-2023, and downgrades now dominate ratings actions. Analysts warn tariffs, inflation, or persistent high rates could trigger further defaults, testing the rally’s resilience.

 

Wall Street Journal

In the first half of the year, nearly 300 data breaches affected approximately 250,000 clients, prompting the IRS and the Security Summit partners to emphasize the importance of safeguarding against identity theft. The Security Summit, a collaboration of tax professionals and state agencies, has been working since 2015 to protect the tax system. This summer's awareness campaign coincides with the IRS Nationwide Tax Forum, which features security components for tax professionals. Common scams include fake client schemes and phishing emails designed to steal sensitive information. Tax professionals are advised to watch for warning signs such as unauthorized IRS account access and unusual computer activity. The IRS provides tools like the Security Six and the Identity Protection PIN Opt-In Program to help protect clients.

 

CPA Practice Advisor

The Wall Street Journal's Katherine Hamilton and Alison Sider report that confidence among America’s middle class is slipping, and with it, the sense that the economy is holding steady. After a brief uptick earlier this summer, households earning $50,000 to $100,000 a year have joined lower earners in tightening belts and rethinking spending. The authors note that consumers are cutting restaurant visits, choosing cheaper brands, and delaying trips. Meanwhile, wealthier Americans continue to travel, dine and shop as if little has changed. They conclude that the divide has rarely felt wider, leaving the “squeezed middle” carrying the weight of unease.

 

Wall Street Journal

Taco Bell is reassessing its voice artificial intelligence (AI) rollout across over 500 drive-throughs after mixed customer reactions, glitches, and trolling exposed the technology’s limits. Chief digital officer Dane Mathews said the chain is learning when AI works best and when humans should step in, especially at high-volume locations. The move highlights broader industry challenges as brands like McDonald’s and Wendy’s also test AI ordering systems with Google Cloud and Nvidia.

 

The Wall Street Journal

Companies across the Americas are beginning to toughen up on their return-to-office stance, following a period of experimenting with hybrid work. CBRE’s 2025 Americas Office Occupier Sentiment Survey, which polled organizations across the Americas, suggests that the era of “soft” attendance guidelines is giving way to measurable policies and active enforcement, placing the chief financial officers in these organizations at the forefront of decisions that carry cost, workforce and real estate implications. Additionally, attendance policies are increasingly being tracked, with 85% of companies now communicating office rules, 69% measuring compliance, and more than a third taking enforcement actions. CFOs must balance short-term cost controls with long-term growth and talent needs. 

 

CFO

A Mercer survey of 711 organizations has found that the cost of health benefits is on pace to increase by 5.8% this year, the third straight year of growth, and a sizable jump from the 4.5% rise experienced in 2024. “One source of pricing pressure is the widening gap between the supply of health care workers and the demand for health care services, which is building as older Americans become a larger part of the population,” Mercer said. Another factor is the continuing consolidation of health care systems, which boosts their negotiating power. Three-quarters (74%) of the large employers reported they have taken action to increase their analysis of costs and benchmark comparisons, or plan to do so in 2026.

 

CFO

The U.S. Treasury Department has advised financial institutions to monitor potential Chinese money laundering networks linked to Mexican drug cartels. The advisory targets individuals such as Chinese students and retirees with unexplained wealth, arguing that these individuals may unknowingly assist cartels in evading currency controls. The Financial Crimes Enforcement Network (FinCen) has reported a rise in suspicious activity, including human trafficking and money laundering through senior care centres. From 2020 to 2024, over 137,000 suspicious activity reports were filed, revealing $312bn in questionable transactions.

 

Bloomberg

Financial Times

French Prime Minister François Bayrou is facing intense pressure as he attempts to navigate a political crisis stemming from his €44bn ($51.22bn) austerity plan. With the National Assembly vote approaching on September 8th, he stated: “The issue is not the fate of the Prime Minister; the issue is the fate of France.” Despite his efforts to reach out to opposition parties, including suggesting tax increases for the wealthy and a potential reduction in France's EU contributions, the opposition remains resolute. Olivier Faure of the Socialist Party declared his decision to vote against the government as “irreversible,” while National Rally president Jordan Bardella emphasized the need to “turn to the French people.” A recent poll indicates that Marine Le Pen's party could lead in future elections with around 31%. Mr. Bayrou warned of impending “disorder and chaos” if the National Assembly is dissolved again.

 

EurActiv.com

Nippon Steel aims to boost U.S. Steel’s profits to ¥250bn ($1.7bn) by 2028 through an $11bn investment and tech transfer, Vice Chairman Takahiro Mori said. The plan includes building new mills, upgrading existing facilities in Pennsylvania and Indiana, and expanding high-grade steel output. The deal lifts U.S. Steel’s crude steel capacity to 20m tonnes and Nippon Steel’s global total to 86m, approaching its 100m-ton goal. Financing may include hybrid instruments or bonds, while equity dilution will be avoided.

 

Reuters